Katy Industries Interim D.I.P. Financing Approved

As previously reported, “The DIP Facility is a secured, superpriority, debtor in possession, new money, non-amortizing, multiple draw term loan facility in the aggregate principal amount of $7,500,000. Loans under the DIP Facility shall be available in up to four installments, subject to the applicable conditions to borrowing thereunder.”

In addition, “Upon the entry of the Interim DIP Order and the closing of the DIP Facility on the closing date, subject to satisfaction of the applicable conditions to borrowing thereunder, up to $4,500,000 of the Commitment shall be made available by the DIP Lender pursuant to the Initial DIP Budget, subject to Permitted Variances. Upon the entry of the Final DIP Order, subject to the applicable conditions to borrowing thereunder, the balance of the Commitment shall be made available in up to three installments pursuant to the DIP Budget then in effect.”

Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector--with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.

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